I always believed that renting a home was the easiest way to have a nice place to live while on a very tight budget. Plus, I went into the military after high school where housing was provided for you. No one ever spoke to me about how important ownership is. I understand it even more deeply now since the passing of Nipsey Hussle as he stood for black and minority ownership. Most importantly, home ownership.
Gentrification is happening NOW on the east side. Investors are harassing our senior neighbors to take $15,000 for a four bedroom 1000sf home in fair condition because the owner owes back taxes (fair example). Owner gets scared they cannot pay the taxes, takes the money from investor and loses ALL the equity and ownership of the home that is now selling for $409,000 after modest updates.
Former Homeowner: $7,000
The above scenario happened, and unfortunately I must use it as an example so our community can obtain homeownership and keep it.
So, let me understand... because someone is, say $8,000 behind on taxes, doesn’t have the means or idea of how to get the money, so they sell to investor for $15k- pay their 8k worth of taxes and walk away with 7k in their pocket. Sounds like a sweet deal upfront to get out of a bad situation you don’t believe you have a way out of. Wrong.
You do have resources and a way out other than selling to investors. Don’t sell your home!! Call your friends, call your church pastor, call us here at the Observer so someone can point you in the right direction for you to OWN and KEEP your home! Do not allow investors to ‘sweet talk’ you.
It may not be you, it may be your friend at works great grandma you hear her speaking of that is about to lose her home. Go get them and everyone who knows they want and have the ability of home ownership to the Broadway Bank event this weekend detailed on page 2. They can help.
Stay woke, don’t sell your home- you have resources!
Gentrification happens, but not without a fight to keep and OWN our HOMES!